Union Budget 2024: A budget is a financial estimate used to determine revenue and expenses. The Union Budget is created by the next fiscal year, during which the Finance Minister will refer to economic revenue and expenses. Every year on February 1st for the assessment year, the Indian Finance Minister mentions the estimated expenditures needed for the government’s planned expenditures. The Indian government is required to announce its budget and program for the following year. December and January will see the beginning of budget preparation for the forthcoming Union Budget 2024–2025. We will talk about the Union Budget 2024 Release Date and the Expected Tax Slab for 2024–25 in this article.
Union Budget 2024
A budget for the forthcoming year of 2024 will be announced by Nirmala Sitaraman, the minister of finance. She will list every cost-effective expense for the assessment year in this budget. Last year 2023, SMT Sitaraman introduced the Saptarishi which was the seven key priorities of the evaluation year 2023. These seven priorities are the seven pillars of this saptarishi. The financial industry, green growth, young power, inclusive development, infrastructure and investment, and unleashing potential are these seven goals. On February 1, 2024, Nirmala Sitaram, the financial minister, will present the next Union Budget 2024.
Every Indian is eagerly awaiting the release of the Union Budget 2024 because they believe the government will highlight additional goals, initiatives, and policies that will benefit all residents. Leading analysts in India predict that during this evaluation year, the government will attempt to exert control over the Revenue Deficit.
Union Budget 2024-2025 Publish Date
| Union Budget 2024-25 | |
| For Financial Year | 2024-25 |
| Announced by | Nirmala Sitaraman |
| Present Finance Minister | Present Finance Minister |
| Announced on | February 1, 2024 |
| Announce in | Assembly |
| Official Website | indiabudget.gov.in |
Union Budget 2024 Expected Tax Slab
It is anticipated that the 2024–2025 Union Budget will have an expected tax slab of 5, just like the 2023 budget. It is anticipated that the finance minister will raise the tax exemption threshold to 3.5 lakhs. The revised budget for 2024 anticipates that all persons will pay zero percent tax up to a total income of Rs. 3.5 lakh during the assessment year. For the financial year, all people earning between Rs. 3.5 lakhs and Rs. 6.5 lakhs were required to pay 5% tax on their total taxable income.
Those earning between Rs. 7 lakhs and Rs. 9.5 lakh and above must pay a 10% tax on their total taxable income for that financial year; those earning between Rs. 9.5 lakh and Rs. 13 lakh must pay 15% tax; those earning between Rs. 13 lakhs and Rs. 16 lakhs must pay 20% tax; and those earning Rs. 16 lakhs and above must pay 30% tax on their total earnings for that financial year.
| Earning | Tax Rate (Expected) |
| Up to the Rs. 3.5 lakh | Nil |
| Rs. 3.5 lakhs to 6.5 Lakhs | 5% |
| Rs. 7 lakhs to 9.5 lakh | 10% |
| Rs. 9.5 lakh to 13 lakh | 15% |
| Rs. 13 aks to Rs. 16 lakhs | 20% |
| Rs. 16 lakhs and above | 30% |
Union Budget 2024 Expected Publish date
On February 1, 2024, the Union Budget 2024 is anticipated to be published. The Indian Finance Minister is going to deliver the Union Budget. At 11:00 AM, Nirmala Sitharaman will make the live announcement of the budget to the Indian assembly. Ahead of the forthcoming Indian election, the Union Budget 2024–25 will remain in effect until July 2024. It is anticipated that the government will attempt to introduce a program for the Indian people in this budget to gain more votes. Since this budget will have an impact on the next election, everyone is eager to see the Union Budget 2024–2025.
FAQs on the Union Budget for 2024
Q. When will the 2024–25 Union Budget be Published?
Ans. On February 1, 2024, the Union Budget 2024–25 will be unveiled.
Q. Who will make the 2024 Union Budget announcement?
Ans. The Union Budget 2024 will be unveiled by Nirmala Sitaraman, the minister of finance.
Q. Where will the 2024–2025 Union Budget announcement take place?
Ans. The Union Budget 2024-2025 will be unveiled in the Indian legislature.